In Q2FY17, we do not see a major revival in growth for most consumer companies as the factors responsible for sluggish growth in the last few quarters, like rural stress, liquidity crunch, and subdued macro-environment, continue to impact growth. For consumer companies (ex-Nestle), we expect topline to grow by 8% yoy in Q2 vs. 5%/5%/6% in the previous three quarters and bottomline to grow by 11% vs. 9%/7%/10% in previous three quarters. We believe that the minor improvement in growth rates will be due to a favourable base for companies impacted by excise benefit cessation in FY16, mild revival in ITC's cigarettes business, and gross margin expansion for categories consuming cruderelated raw materials....